Cross Lake Minerals Ltd.

Cross Lake Minerals Ltd.

September 01, 2005 19:29 ET

Cross Lake Minerals Ltd.: Plan of Arrangement Completed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 1, 2005) - Cross Lake Minerals Ltd. (the "Company" or "Cross Lake") (TSX:CRN) is pleased to announce that further to the August 25, 2005 announcement, the Plan of Arrangement, which resulted in the base metal properties of Cross Lake being transferred to Selkirk Metals Corp. ("Selkirk"), closed on August 30, the effective date of the Arrangement. Selkirk is expected to begin trading on the TSX Venture Exchange on September 6, 2005 under the symbol SLK. Under the Plan of Arrangement, persons who were registered as shareholders of Cross Lake on August 30th will be entitled to receive one share and 1/4 warrant in Selkirk for every 10 shares of Cross Lake they own as of the effective date of the Arrangement. As stated in the August 25th news release, the share and warrant certificates (and election forms for small lot holders as defined in the Plan of Arrangement) are expected to be mailed to Cross Lake shareholders on or about September 6, 2005. In addition, Cross Lake will receive 2 million shares of Selkirk in connection with the $500,000 exploration program it is conducting on the Ruddock Creek Property.

Cross Lake's base metals properties, including four properties in the Revelstoke region of British Columbia and two properties in the Omineca area in North Central British Columbia, will now be indirectly held by Selkirk through its wholly owned subsidiary Selkirk Metals Holdings Inc. This Arrangement will allow Cross Lake to focus on the pursuit of its precious metal properties while Selkirk can aggressively pursue the base metals properties with Cross Lake and its shareholders benefiting from the results as a result of retaining a significant interest in Selkirk.

Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this business plan are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbor for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.

12(g) No. 82-2636

Contact Information

  • Cross Lake Minerals Ltd.
    Gordon A. Keevil
    (604) 687-2038
    (604) 687-3141 (FAX)
    Tangent Management Corp.
    Investor Relations
    (604) 642-0115